It is well known that material handling devices are subjected to considerable impact and abrasive forces, especially when used in mining and construction applications. In order to minimize the damage to material handling devices or prolong the life of such devices, many of the components of the equipment are formed of high strength materials, such as hardened alloy steel. Despite the use of such high strength materials, the impact and abrasion cause by the intrusion of rocks, soil and water inevitably result in permanent damage and fatigue to the components of the material handling device. Given the time and cost associated with refurbishing the damaged portion of the material handling device, owners commonly opt to purchase expensive replacement components.
Accordingly, there is a need for a magnetic wear saving device that is capable of being releasably secured to the material handling device to minimize the deleterious damage caused by abrasive and impact forces to the wear surface of material handling device.